The Chinese Credit Cycle Leads All of This

The Chinese credit cycle seems to be ahead of all of this, which seems counterintuitive. What the Chinese have been doing since the end of Covid or since the lockdowns ended is they've been gooseing their economy with big liquidity injections. That's why you've seen this bottom in the Chinese markets. And effectively, that is likely to be playing a bigger and bigger role in terms of lifting the world economy in coming months.